Category

Industrials

Daily Brief Industrials: Mitsui & Co Ltd, TBEA Co Ltd A, Intloop , Steelcase Inc Cl A, Toro Co and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Mitsui & Co (8031) – ¥100bn Overnight Equity Offering
  • Mitsui & Co Placement – Another Cross-Shareholding Unwind, This Is a Small One to Digest
  • Quiddity Leaderboard SSE50/180 Dec 24: Some Expected DELs Could Underperform Peers
  • INTLOOP (9556 JP) – Preparing for Sustained Growth over the Medium Term
  • Steelcase, Inc. – Revising Revenue and EPS Estimates Following 1QFY25 Results
  • Toro Co (TTC) – Monday, Mar 25, 2024


Mitsui & Co (8031) – ¥100bn Overnight Equity Offering

By Travis Lundy

  • Today after the close, Mitsui & Co Ltd (8031 JP) announced that MS&AD Insurance (8725 JP) and Sumitomo Mitsui Financial Group (8316 JP) would sell 14.9mm shares in an offering.
  • This will get priced today or tomorrow, sold to institutional investors. This is ¥107bn, 4 days of ADV and 1% of shares out. It is not dilutive. 
  • Mitsui & Co has a buyback program with ¥123bn left til end-Sep, when presumably it will reload. Looks easy today, but measuring Mitsui & Co vs Peers is less flattering.

Mitsui & Co Placement – Another Cross-Shareholding Unwind, This Is a Small One to Digest

By Clarence Chu


Quiddity Leaderboard SSE50/180 Dec 24: Some Expected DELs Could Underperform Peers

By Janaghan Jeyakumar, CFA

  • SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
  • In this insight, we take a look at the names leading the race to become ADDs and DELs during the December 2024 index rebal event.
  • We currently estimate one-way flows to be US$1.4bn and US$235mn for the SSE 50 and 180, respectively.

INTLOOP (9556 JP) – Preparing for Sustained Growth over the Medium Term

By Astris Advisory Japan

  • Q1-3 FY7/24 results were in line with unchanged guidance. Gross margin increased from 22.9% to 24.0% YoY, a positive development as the company selectively raised consultant prices.
  • With the scope for further increases, we believe the company can achieve sustainable double-digit sales growth in the medium term.
  • Profitability is also set to improve via pricing as well as 1) scaling the newly-established strategic consulting subsidiary with high gross margins and 2) improving the sales mix by growing direct business with customers, as opposed to solely acting as freelancers and providing staff from business partners. 

Steelcase, Inc. – Revising Revenue and EPS Estimates Following 1QFY25 Results

By Water Tower Research

  • We introduce our new revenue and earnings estimates and full financial model following
  • Steelcase’s 1QFY25 earnings beat versus consensus and WTR estimates.
  • Steelcase posted 1QFY25 adjusted EPS of $0.16 versus $0.09 in 1QFY24, beating consensus of $0.10 and our estimate of $0.11.

Toro Co (TTC) – Monday, Mar 25, 2024

By Value Investors Club

  • TTC sells gas-powered outdoor power equipment to professional customers with Pro sales being the main source of revenue
  • They also serve residential customers and have a wide range of products including mowers, snow equipment, and large machinery for infrastructure markets
  • A key focus of the short case against the company is their involvement in providing credit extension through quasi-off-balance sheet financing vehicles like Red Iron

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


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Daily Brief Industrials: Mitsui & Co Ltd, TBEA Co Ltd A, Intloop , Steelcase Inc Cl A, Toro Co and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Mitsui & Co (8031) – ¥100bn Overnight Equity Offering
  • Mitsui & Co Placement – Another Cross-Shareholding Unwind, This Is a Small One to Digest
  • Quiddity Leaderboard SSE50/180 Dec 24: Some Expected DELs Could Underperform Peers
  • INTLOOP (9556 JP) – Preparing for Sustained Growth over the Medium Term
  • Steelcase, Inc. – Revising Revenue and EPS Estimates Following 1QFY25 Results
  • Toro Co (TTC) – Monday, Mar 25, 2024


Mitsui & Co (8031) – ¥100bn Overnight Equity Offering

By Travis Lundy

  • Today after the close, Mitsui & Co Ltd (8031 JP) announced that MS&AD Insurance (8725 JP) and Sumitomo Mitsui Financial Group (8316 JP) would sell 14.9mm shares in an offering.
  • This will get priced today or tomorrow, sold to institutional investors. This is ¥107bn, 4 days of ADV and 1% of shares out. It is not dilutive. 
  • Mitsui & Co has a buyback program with ¥123bn left til end-Sep, when presumably it will reload. Looks easy today, but measuring Mitsui & Co vs Peers is less flattering.

Mitsui & Co Placement – Another Cross-Shareholding Unwind, This Is a Small One to Digest

By Clarence Chu


Quiddity Leaderboard SSE50/180 Dec 24: Some Expected DELs Could Underperform Peers

By Janaghan Jeyakumar, CFA

  • SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
  • In this insight, we take a look at the names leading the race to become ADDs and DELs during the December 2024 index rebal event.
  • We currently estimate one-way flows to be US$1.4bn and US$235mn for the SSE 50 and 180, respectively.

INTLOOP (9556 JP) – Preparing for Sustained Growth over the Medium Term

By Astris Advisory Japan

  • Q1-3 FY7/24 results were in line with unchanged guidance. Gross margin increased from 22.9% to 24.0% YoY, a positive development as the company selectively raised consultant prices.
  • With the scope for further increases, we believe the company can achieve sustainable double-digit sales growth in the medium term.
  • Profitability is also set to improve via pricing as well as 1) scaling the newly-established strategic consulting subsidiary with high gross margins and 2) improving the sales mix by growing direct business with customers, as opposed to solely acting as freelancers and providing staff from business partners. 

Steelcase, Inc. – Revising Revenue and EPS Estimates Following 1QFY25 Results

By Water Tower Research

  • We introduce our new revenue and earnings estimates and full financial model following
  • Steelcase’s 1QFY25 earnings beat versus consensus and WTR estimates.
  • Steelcase posted 1QFY25 adjusted EPS of $0.16 versus $0.09 in 1QFY24, beating consensus of $0.10 and our estimate of $0.11.

Toro Co (TTC) – Monday, Mar 25, 2024

By Value Investors Club

  • TTC sells gas-powered outdoor power equipment to professional customers with Pro sales being the main source of revenue
  • They also serve residential customers and have a wide range of products including mowers, snow equipment, and large machinery for infrastructure markets
  • A key focus of the short case against the company is their involvement in providing credit extension through quasi-off-balance sheet financing vehicles like Red Iron

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


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Daily Brief Industrials: LS Electric, Malaysia Airports Holdings, Cathay Pacific Airways and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Sanil Electric IPO Preview
  • Merger Arb Mondays (24 Jun) – Malaysia Airports, GA Pack, Infocom, Mimasu, Tatsuta, Capitol, MMA
  • Cathay Pacific (293 HK): Multiple Positive Developments


Sanil Electric IPO Preview

By Douglas Kim

  • Sanil Electric is getting ready to complete its IPO in late July in KOSPI. The IPO price range is from 24,000 won to 30,000 won per share. 
  • The company is planning is raise between 182.4 billion won and 228 billion won in this IPO. The book building for the institutional investors lasts from 9 to 15 July. 
  • Sanil Electric is best known for making special transformers used for special purposes in environments with severe weather changes, such as offshore wind power, solar power, and offshore plants. 


Cathay Pacific (293 HK): Multiple Positive Developments

By Osbert Tang, CFA

  • With more foreign countries being granted visa-free visits to China, Cathay Pacific Airways (293 HK) will benefit from more transfer traffic via Hong Kong.
  • Recovery is decent with passenger traffic rising 37.5% in 5M24. CX’s capacity already returned to 80% of pre-pandemic in 2Q24, and this will reach 100% in 1Q25. 
  • YTD, CX is still a laggard relative to many global airlines. Its P/B valuation is not stretched at 0.8x, given ROE of 11% over the next 3 years.  

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Daily Brief Industrials: LS Electric, Malaysia Airports Holdings, Cathay Pacific Airways and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Sanil Electric IPO Preview
  • Merger Arb Mondays (24 Jun) – Malaysia Airports, GA Pack, Infocom, Mimasu, Tatsuta, Capitol, MMA
  • Cathay Pacific (293 HK): Multiple Positive Developments


Sanil Electric IPO Preview

By Douglas Kim

  • Sanil Electric is getting ready to complete its IPO in late July in KOSPI. The IPO price range is from 24,000 won to 30,000 won per share. 
  • The company is planning is raise between 182.4 billion won and 228 billion won in this IPO. The book building for the institutional investors lasts from 9 to 15 July. 
  • Sanil Electric is best known for making special transformers used for special purposes in environments with severe weather changes, such as offshore wind power, solar power, and offshore plants. 


Cathay Pacific (293 HK): Multiple Positive Developments

By Osbert Tang, CFA

  • With more foreign countries being granted visa-free visits to China, Cathay Pacific Airways (293 HK) will benefit from more transfer traffic via Hong Kong.
  • Recovery is decent with passenger traffic rising 37.5% in 5M24. CX’s capacity already returned to 80% of pre-pandemic in 2Q24, and this will reach 100% in 1Q25. 
  • YTD, CX is still a laggard relative to many global airlines. Its P/B valuation is not stretched at 0.8x, given ROE of 11% over the next 3 years.  

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Daily Brief Industrials: Luxshare Precision Industry, Deutsche Lufthansa and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Mainland Connect NORTHBOUND Flows (To 21 June 2024): BIG Consumer Name Selling Again
  • European Airlines – Fare Softening Suggests Elevated Earnings Risk with Self-Help Stories Crucial
  • Lufthansa – ITA Airways Financial Sustainability Questions Without Lufthansa Partnership/Steering


Mainland Connect NORTHBOUND Flows (To 21 June 2024): BIG Consumer Name Selling Again

By Travis Lundy

  • The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
  • Last week saw NORTHBOUND net SELL RMB 16.1bn of A-shares. NORTHBOUND bought tech and sold everything else, especially consumer names. Kweichow Moutai, Midea, appliances and renewables.
  • Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.

European Airlines – Fare Softening Suggests Elevated Earnings Risk with Self-Help Stories Crucial

By Neil Glynn

  • Forward looking fare data suggests pricing further weakening for the European flag carriers on long haul in particular.
  • We expect Lufthansa to miss EBIT guidance by 30% in 2024 while we also cut Air France-KLM 2024 EBIT by 15%.
  • IAG stands out as most resilient, with BA seemingly outperforming peer pricing on the Transatlantic.

Lufthansa – ITA Airways Financial Sustainability Questions Without Lufthansa Partnership/Steering

By Neil Glynn

  • As Lufthansa nears European Commission approval for its investment in ITA Airways, as widely reported this week, we highlight our analysis of the Italian carrier.
  • In a strong year for the global industry, heavy 2023 losses prompt questions over ITA’s financial sustainability with Lufthansa support.
  • We highlight that ITA’s problems are in revenue generation rather than operational efficiency.

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
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  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Industrials: Luxshare Precision Industry, Deutsche Lufthansa and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Mainland Connect NORTHBOUND Flows (To 21 June 2024): BIG Consumer Name Selling Again
  • European Airlines – Fare Softening Suggests Elevated Earnings Risk with Self-Help Stories Crucial
  • Lufthansa – ITA Airways Financial Sustainability Questions Without Lufthansa Partnership/Steering


Mainland Connect NORTHBOUND Flows (To 21 June 2024): BIG Consumer Name Selling Again

By Travis Lundy

  • The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
  • Last week saw NORTHBOUND net SELL RMB 16.1bn of A-shares. NORTHBOUND bought tech and sold everything else, especially consumer names. Kweichow Moutai, Midea, appliances and renewables.
  • Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.

European Airlines – Fare Softening Suggests Elevated Earnings Risk with Self-Help Stories Crucial

By Neil Glynn

  • Forward looking fare data suggests pricing further weakening for the European flag carriers on long haul in particular.
  • We expect Lufthansa to miss EBIT guidance by 30% in 2024 while we also cut Air France-KLM 2024 EBIT by 15%.
  • IAG stands out as most resilient, with BA seemingly outperforming peer pricing on the Transatlantic.

Lufthansa – ITA Airways Financial Sustainability Questions Without Lufthansa Partnership/Steering

By Neil Glynn

  • As Lufthansa nears European Commission approval for its investment in ITA Airways, as widely reported this week, we highlight our analysis of the Italian carrier.
  • In a strong year for the global industry, heavy 2023 losses prompt questions over ITA’s financial sustainability with Lufthansa support.
  • We highlight that ITA’s problems are in revenue generation rather than operational efficiency.

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  • ✓ Events & Webinars



Daily Brief Industrials: Mma Offshore, Severfield PLC and more

By | Daily Briefs, Industrials

In today’s briefing:

  • MMA Offshore Ltd – Increased Scheme Offer of $2.70/Share; Trading Update
  • Severfield – Performing well with improving outlook


MMA Offshore Ltd – Increased Scheme Offer of $2.70/Share; Trading Update

By MA Moelis Australia

  • Cyan MMA Holdings Pty Ltd (Cyan) has increased its scheme consideration to $2.70 cash per share, up from $2.60 per share and has designated the offer as best and final.
  • A supplementary Scheme Booklet is expected to be released 21 June; scheme voting is for 1 July.
  • MMA Offshore Ltd (MRM) recently released a 2H24 trading update, noting earnings visibility and performance across the current half has continued to improve.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Severfield – Performing well with improving outlook

By Edison Investment Research

Severfield’s FY24 results demonstrate robust profit growth despite declining revenue, and management highlighted the positive outlook in its key markets of the UK, Continental Europe and India. The total order book has also remained at elevated levels despite the loss of the £50m Sunset Studios order, highlighting the underlying future earnings visibility. The FY25e P/E rating of 8.1x is comfortably below the long-term average of c 10x, implying material risk is discounted in the rating. The stock yields over 5% despite a recent bounce in the share price, an added attraction.


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Daily Brief Industrials: Mma Offshore, Severfield PLC and more

By | Daily Briefs, Industrials

In today’s briefing:

  • MMA Offshore Ltd – Increased Scheme Offer of $2.70/Share; Trading Update
  • Severfield – Performing well with improving outlook


MMA Offshore Ltd – Increased Scheme Offer of $2.70/Share; Trading Update

By MA Moelis Australia

  • Cyan MMA Holdings Pty Ltd (Cyan) has increased its scheme consideration to $2.70 cash per share, up from $2.60 per share and has designated the offer as best and final.
  • A supplementary Scheme Booklet is expected to be released 21 June; scheme voting is for 1 July.
  • MMA Offshore Ltd (MRM) recently released a 2H24 trading update, noting earnings visibility and performance across the current half has continued to improve.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Severfield – Performing well with improving outlook

By Edison Investment Research

Severfield’s FY24 results demonstrate robust profit growth despite declining revenue, and management highlighted the positive outlook in its key markets of the UK, Continental Europe and India. The total order book has also remained at elevated levels despite the loss of the £50m Sunset Studios order, highlighting the underlying future earnings visibility. The FY25e P/E rating of 8.1x is comfortably below the long-term average of c 10x, implying material risk is discounted in the rating. The stock yields over 5% despite a recent bounce in the share price, an added attraction.


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Daily Brief Industrials: Tatsuta Electric Wire & Cable, Mma Offshore, SharkNinja and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Tatsuta Electric (5809 JP): Eneos Refuses to Bump, Board Capitulates
  • ENEOS Launches Tatsuta Elec (5809) “Minority” Takeout at Same Price as 18mos Ago
  • MMA Offshore (MRM AU): Disappointing Final Offer Poses a Vote Risk
  • Sharkninja (SN) – Thursday, Mar 21, 2024


Tatsuta Electric (5809 JP): Eneos Refuses to Bump, Board Capitulates

By Arun George

  • 18 months after announcing the offer, ENEOS Holdings (5020 JP) launched the Tatsuta Electric Wire & Cable (5809 JP) tender offer at unchanged JPY720, 4.9% below the last close price.  
  • The Board requested a bump, but Eneos refused due to Tatsuta’s missed targets, no competing offer and the supportive updated IFA valuation
  • The lack of a bump, no vocal opposition, deal fatigue, the Board’s unexpected recommendation, weak earnings and 73.9% takeover premium will help acceptance.

ENEOS Launches Tatsuta Elec (5809) “Minority” Takeout at Same Price as 18mos Ago

By Travis Lundy

  • ENEOS announced its deal for Tatsuta Electric Wire & Cable (5809 JP) 18mos ago. China approval took a while. Now they have launched. 
  • The TOPIX Non-Ferrous Metals sector has returned 60%. TOPIX 50%. There is a new TSE Sheriff in town asking for PBR 1.0x. BVPS is up. Presumably, forward CF is up.
  • But the TOB Price is unchanged. That is disappointing. One reason why a higher price was rejected was that no other buyer approached to take over the company. 🤷🏻‍♂️

MMA Offshore (MRM AU): Disappointing Final Offer Poses a Vote Risk

By Arun George

  • Cyan Renewables has bumped its Mma Offshore (MRM AU) offer to A$2.70 per share, a 3.8% premium to the previous A$2.60 offer.
  • The bump is derisory in the context of recent earnings upgrades. Since the binding proposal, MMA has upgraded its FY24 EBITDA and EBIT guidance by 9.8% and 15.5%, respectively.
  • The AFR reported that around 30% of the register opposed the previous offer. A cursory 3.8% bump is unlikely to sway most of these dissenters to change their views.

Sharkninja (SN) – Thursday, Mar 21, 2024

By Value Investors Club

  • SharkNinja is a newly listed company with popular consumer brands Shark and Ninja
  • Despite challenges in brand-building and international markets, the company achieved a 15% operating margin in 2023
  • Analysts project an annualized return of 18-20% based on current earnings yield and expected organic earnings growth

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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Daily Brief Industrials: Tatsuta Electric Wire & Cable, Mma Offshore, SharkNinja and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Tatsuta Electric (5809 JP): Eneos Refuses to Bump, Board Capitulates
  • ENEOS Launches Tatsuta Elec (5809) “Minority” Takeout at Same Price as 18mos Ago
  • MMA Offshore (MRM AU): Disappointing Final Offer Poses a Vote Risk
  • Sharkninja (SN) – Thursday, Mar 21, 2024


Tatsuta Electric (5809 JP): Eneos Refuses to Bump, Board Capitulates

By Arun George

  • 18 months after announcing the offer, ENEOS Holdings (5020 JP) launched the Tatsuta Electric Wire & Cable (5809 JP) tender offer at unchanged JPY720, 4.9% below the last close price.  
  • The Board requested a bump, but Eneos refused due to Tatsuta’s missed targets, no competing offer and the supportive updated IFA valuation
  • The lack of a bump, no vocal opposition, deal fatigue, the Board’s unexpected recommendation, weak earnings and 73.9% takeover premium will help acceptance.

ENEOS Launches Tatsuta Elec (5809) “Minority” Takeout at Same Price as 18mos Ago

By Travis Lundy

  • ENEOS announced its deal for Tatsuta Electric Wire & Cable (5809 JP) 18mos ago. China approval took a while. Now they have launched. 
  • The TOPIX Non-Ferrous Metals sector has returned 60%. TOPIX 50%. There is a new TSE Sheriff in town asking for PBR 1.0x. BVPS is up. Presumably, forward CF is up.
  • But the TOB Price is unchanged. That is disappointing. One reason why a higher price was rejected was that no other buyer approached to take over the company. 🤷🏻‍♂️

MMA Offshore (MRM AU): Disappointing Final Offer Poses a Vote Risk

By Arun George

  • Cyan Renewables has bumped its Mma Offshore (MRM AU) offer to A$2.70 per share, a 3.8% premium to the previous A$2.60 offer.
  • The bump is derisory in the context of recent earnings upgrades. Since the binding proposal, MMA has upgraded its FY24 EBITDA and EBIT guidance by 9.8% and 15.5%, respectively.
  • The AFR reported that around 30% of the register opposed the previous offer. A cursory 3.8% bump is unlikely to sway most of these dissenters to change their views.

Sharkninja (SN) – Thursday, Mar 21, 2024

By Value Investors Club

  • SharkNinja is a newly listed company with popular consumer brands Shark and Ninja
  • Despite challenges in brand-building and international markets, the company achieved a 15% operating margin in 2023
  • Analysts project an annualized return of 18-20% based on current earnings yield and expected organic earnings growth

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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